Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0759%/8h= +83.1% APRpaid last 24h +0.057%

Price spread now: Nado against edgeX−0.091%62s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.459% of the position

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.091%, 7d avg −0.030%

Together, before fees+0.003%+ Points / potential airdropedgeX: Active · Nado: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.061% cheaper against edgeX than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.030%). If the spread goes back, that is −$6 on $10k: about 6 hours of funding at the current rate (+$23 a day). The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.024% in total (about -2.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MSFTUSDC	503.96	−0.0742	get 0.0371% / 4h	1h 25m	$103K	$242K	10x
Short	Nado MSFT-PERP	503.50	0.0017	get 0.0002% / 1h	25m 40s	$414K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee edgeXbpFee NadobpOrdersPrice spread, now −0.091%Rate

Funding earned: $159.33
Price spread: −0.091% → −0.030%: −$6.14
Slippage, 4 orders: −$29.87
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $107.31
Costs to cover: 0.459%
Break-even: 2.3 days

Slippage from edgeX: live order book, 17 min ago; Nado: live order book, 17 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy edgeX live order book, 17 min ago	5.26 bp	9.9 bp −$10	12.2 bp −$122	doesn't fit	doesn't fit
Sell Nado live order book, 17 min ago	1.19 bp	13.7 bp −$14	28.7 bp −$287	doesn't fit	doesn't fit

MSFT on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MSFTUSDClong	−0.0742%	4h	503.96	long leg	$103K	$242K	10x
Coinbase International MSFT-PERP-INTX	−0.0048%	1h	503.66	−0.059%	$682K	$500K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	503.39	−0.113%	$162K	$114K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	503.55	−0.081%	$338K	$1.2M	17x	as long as short
Binance MSFTUSDT	0.0000%	8h	503.62	−0.066%	$15.8M	$19.6M	20x	as long as short
Bybit MSFTUSDT	0.0000%	8h	503.37	−0.116%	$7.3M	$2.3M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	503.80	−0.031%	$3.0M	$2.4M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	503.54	−0.082%	$3.1M	$1.8M	100x	as long as short
Bitget MSFTUSDT	0.0000%	8h	503.68	−0.055%	$3.8M	$3.0M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	503.61	−0.068%	$1.3M	$499K	—	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MSFT_USDT_Perp	0.0000%	8h	503.99	+0.007%	$18K	$327K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	504.56	+0.120%	$6K	$3.9M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	503.47	−0.096%	$59K	$225K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	503.79	−0.033%	$2.2M	$821K	10x	as long as short
Deribit MSFT_USDC-PERPETUAL	+0.0008%	1h	503.40	−0.110%	$27K	$43K	10x	as long as short
BloFin MSFT-USDT	+0.0013%	8h	503.89	−0.013%	$191K	$207K	20x	as long as short
Nado MSFT-PERPshort	+0.0017%	1h	503.50	−0.091%	$414K	$67K	20x
Lighter RH MSFT	+0.0032%	1h	503.38	−0.114%	$701K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0039%	1h	503.71	−0.049%	$1.2M	$4.8M	10x	as long as short
Arcus MSFT-USD	+0.0040%	1h	503.60	−0.071%	$97K	$110K	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	503.66	−0.059%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	503.17	−0.156%	$22.4M	$9.0M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	503.35	−0.120%	$303K	$718K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	503.52	−0.086%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.P	+0.0050%	1h	503.25	−0.140%	$522K	$476K	15x	as long as short
Paradex MSFT-USD-PERP	+0.0056%	8h	503.46	−0.099%	$222	—	5x	as long as short
Phoenix MSFT	+0.0064%	1h	503.69	−0.053%	$11K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	503.11	−0.168%	$1.6M	$60K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	503.39	−0.112%	$160K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	503.59	−0.073%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	503.63	−0.065%	$55	—	10x	as long as short
Lighter MSFT	+0.0136%	1h	503.64	−0.063%	$1.2M	$514K	20x	as long as short
Hotstuff MSFT-PERP	+0.0144%	1h	503.41	−0.108%	$32K	$8K	20x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	504.21	+0.051%	$115K	$45K	30x	as long as short